Devon Energy (NYSE:DVN) Shares Down 1.9%

Devon Energy Co. (NYSE:DVN)’s share price dropped 1.9% during trading on Tuesday . The company traded as low as $51.77 and last traded at $52.09. Approximately 1,665,242 shares changed hands during trading, a decline of 78% from the average daily volume of 7,743,273 shares. The stock had previously closed at $53.08.

Wall Street Analyst Weigh In

DVN has been the topic of a number of recent analyst reports. Piper Sandler lifted their price target on Devon Energy from $59.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Truist Financial raised their target price on Devon Energy from $66.00 to $69.00 and gave the stock a “buy” rating in a research report on Monday, April 22nd. Wells Fargo & Company raised Devon Energy from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $46.00 to $59.00 in a research report on Monday, April 1st. Citigroup raised their target price on Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, April 11th. Finally, Raymond James decreased their target price on Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a research report on Wednesday, January 24th. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $58.33.

Devon Energy Stock Performance

The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $32.50 billion, a PE ratio of 8.93 and a beta of 2.19. The company has a 50-day moving average price of $49.07 and a two-hundred day moving average price of $46.22.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The business had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter in the prior year, the firm earned $1.66 earnings per share. The firm’s revenue was down 3.6% on a year-over-year basis. Analysts predict that Devon Energy Co. will post 5.28 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a dividend of $0.44 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.76 annualized dividend and a yield of 3.44%. Devon Energy’s payout ratio is 15.09%.

Institutional Investors Weigh In On Devon Energy

Institutional investors have recently bought and sold shares of the stock. Pacer Advisors Inc. grew its position in Devon Energy by 1,279.7% during the 4th quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock worth $278,396,000 after acquiring an additional 5,700,167 shares during the last quarter. J.P. Morgan Private Wealth Advisors LLC bought a new stake in shares of Devon Energy in the 3rd quarter worth approximately $113,793,000. Morgan Stanley grew its position in shares of Devon Energy by 23.6% in the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after buying an additional 2,220,194 shares during the last quarter. International Assets Investment Management LLC grew its position in shares of Devon Energy by 3,885.4% in the 4th quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock worth $76,793,000 after buying an additional 1,652,671 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Devon Energy by 26.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock valued at $320,609,000 after purchasing an additional 1,488,374 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

About Devon Energy

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.